The Hindu Business Line : Tube Investments rides on strong demand in auto sector, exports

TUBE Investments of India Ltd, a Murugappa group company, has exploited the strong demand in auto sector and exports to sustain its performance during 2004-05 and plans to double its tube making capacity.

According to a press release from the company, it has enhanced its productivity of high-end precision tubes used by the auto sector and improved quality to offset the impact of price increase driven by steel costs. Exports of automotive chains grew by 35 per cent.

The board has recommended a dividend of Rs 7 (70 per cent) per share of Rs 10 each.

The release said that the results for the latest quarter and the year ended March 31, 2005, reflect the amalgamation of TIDC India Ltd with the company and therefore are not comparable with that of the corresponding period in the previous year.

For the quarter ended March 31, 2005, the company reported a net profit of Rs 37.06 crore on total revenues of Rs 413.07 crore. During the corresponding period in the previous year the company reported a net profit of Rs 36.64 crore on revenue of Rs 352.05 crore.

For the year ended March 31, 2005, the company reported a net profit of Rs 98.55 crore (Rs 82.49 crore) on gross sales of Rs 1,563.39 crore (Rs 1,257.34 crore).

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